An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons such as relaxation, wealth-building, and creating lasting family moments. Even non-winterized or remote locations can now be easily financed through accessible mortgages with low rates. Whether you are looking for a lake cottage or a college housing option, there are various mortgage options available to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum of 5% or 10% down payment, certain categories of vacation and secondary homes will require 20% or higher. Different types of cottages also have specific requirements, with some needing a higher down payment and receiving higher rates. The mortgage options offered also depend on whether the property is categorized as year-round accessible or seasonal. Luckily, in Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.